Last post on Oct 23, 2013 at 8:45 AM
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Jul 29, 2012 (11:15 am)
Greetings all. Got a 1999 Accord with 282000 miles, a/c not working, paid off of course. Wondering what options I have if I can do no money down with a credit score in the high fives, no co-signer either. I did apply for financing at my credit union but they wanted the co-signer. Preferably payments under $250/monthly..I've been looking at cars in the $10000 range. Honda CRV is my first choice. Any tips would be greatly appreciated.
Jul 29, 2012 (12:05 pm)
Yeah, if you could get a $10000 loan at around 10%, then $250/month would be possible on a 48 month loan with no money down.
Question is, would you get 10% for 48 months with your score and no down payment? That's "iffy" IMO.
Credit unions have fairly strict requirements. If a regular bank won't help you out, you might be forced to consider the financing offered by a used car dealer (the "mouse house" they use), and that might stick you with a pretty high interest rate. Last resort, that one. Be very careful what you sign.
#1014 of 1033 returned to car shopping?
by Stever@Edmunds HOST
Nov 06, 2012 (2:01 pm)
A reporter would like to speak with a recent buyer or current car shopper who stayed on the sidelines or was turned down for a car loan during the recession and has since returned to market or is about to buy. If you fit this description and would like to speak to a reporter, please send your daytime contact information to predmunds.com no later than noon PT/3 p.m. ET, Wednesday, November 7, 2012.
#1015 of 1033 Auto loan payment question
Jan 03, 2013 (9:05 pm)
I got a approved auto loan for $12062.00 from a local credit union (ufcu.org). The interest rate is 2.55% (if I have direct deposit with the union it goes down by 1%-> 1.55%
loan amount: $12062 or $11000
loan term: 24month
loan rate: either 2.55 or 1.55%
link to the calculator: https://www.ufcu.org/calc/loan.php
I run the loan calculator for loan amount $12062 (1.55% APR), it showed that my monthly payment would be $510.74
I run the same calculator again for loan $11000(1.55% APR), the monthly payment became $465.77.
I don't understand why with extra $1000 in the loan amount, my payment went up for $46.00 per month. Could someone give me some insight on this? So I understand what factors affect the loan payment. Thanks!
#1016 of 1033 Re: Auto loan payment question [carhunt07]
by kyfdx@Edmunds HOST
Jan 04, 2013 (4:34 am)
$1062 more.... divided by 24 months to pay it back = $44.25 per month .. (plus more interest)
Higher loan amounts result in higher payments, all else being equal...
Mar 05, 2013 (1:15 pm)
A reporter would like to speak to a recent car buyer who purchased a car despite a bad credit report. If you have a ding on your credit report, but were still able to secure a car loan, and you would like to share your story, please send your daytime contact info no later than Wednesday, noon PT/3 p.m. ET to predmunds.com.
Mar 05, 2013 (4:31 pm)
Another press request.
A reporter is looking for a new car buyer who is financing their car for 84 months or longer. If you have an 84-month or longer term, and you would like to share your story, please send your daytime contact to predmunds.com no later than Wednesday, 3/6/13 at 1 p.m. PT/4 p.m. ET.